- Ripple price declined heavily before buyers appeared near the $0.2965 support against the US dollar.
- There was a sharp rebound and the price moved above the $0.3050 and $0.3100 resistances.
- There is a crucial bearish trend line in place with resistance at $0.3220 on the 4-hours chart of the XRP/USD pair (data source from Poloniex).
- The price is likely to face a strong resistance near the $0.3220 and $0.3250 levels in the near term.
Ripple price rebounded nicely above $0.3100 against the US Dollar. XRP must surpass the $0.3250 and $0.3300 barriers to start a strong bullish wave in the coming days.
Ripple Price Analysis
This past week, there were positive moves in , , bitcoin cash, and ripple against the US Dollar. Earlier, the XRP/USD pair declined heavily and broke the $0.3080 and $0.3000 support levels. There was even a spike below $0.2980 and the price traded as low as $0.2968. Later, the price recovered significantly above the $0.3000 and $0.3100 resistance levels. The price even settled above the $0.3100 level and the 55 simple moving average (4-hours).
However, the upside move faced a strong resistance near the $0.3250 level. There is also a crucial bearish trend line in place with resistance at $0.3220 on the 4-hours chart of the XRP/USD pair. The pair dipped recently below $0.3200, and 23.6% Fib retracement level of the last wave from the $0.2968 low to $0.3255 high. However, the recent decline was protected by the $0.3100 support and the 55 simple moving average (4-hours).
Besides, the 50% Fib retracement level of the last wave from the $0.2968 low to $0.3255 high acted as a strong support. The price bounced back and it is currently approaching the $0.3200 resistance and the same bearish trend line. If there is a break above the trend line, the price could retest the $0.3255 resistance area. A clear break above the $0.3255 resistance may perhaps set the pace for more gains towards $0.3500 and $0.3750 barriers.
Looking at the , ripple price is placed nicely above the $0.3110 level and the 55 simple moving average (4-hours). Having said that, buyers need to gain bullish momentum above the $0.3220 and $0.3250 levels. On the downside, an initial support is at $0.3150 level, below which it could retest the $0.3110 support. Only a daily close below $0.3100 is likely to push the price into a bearish zone.
Technical indicators
4 hours MACD – The MACD for XRP/USD is currently gaining bullish momentum, with a positive bias.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 55 level.
Key Support Levels – $0.3150, $0.3110 and $0.3100.
Key Resistance Levels – $0.3220 and $0.3250.
Published at Mon, 01 Apr 2019 08:08:35 +0000
